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Q: Sending money to South Africa
Dear fellow emigres
I need to send money home to South Africa in order to meet my financial obligations at home. But I'm having a tough time figuring it out, which is why I now approach this generous font of knowledge.
PayPal seemed like the logical conclusion, but upon investigation, it seems I am unable to add my Chinese bank account to my existing PayPal account.
Any other Safricans here who can share how they negotiated this quandary? My debit orders back home are bouncing like kangaroos on a trampoline.
7 years 18 weeks ago in Money & Banking - China
Just to add to what the others have said - and a bit more!
The Chinese friend bit - foreigners are allowed to only send up to $500USD any one day, and there's also a yearly maximum (about $50K USD). Locals do not have this restriction. You would need to deposit the RMB into their account. Paperwork is filled out to a) exchange to USD, and b) to transfer that USD to your SA account. Fees apply (although, relatively inexpensive. I think only a flat rate, but maybe also a small %).
Western Unioni will be more expensive (%based with flat fee).
You should instead look to see if there's an SA bank opened up in BJ (if you're near there), and see if they have any special deals going.
As for Paypal (I haven't used mine in a few months, so...). You're correct about not being able to link your Chinese bank account to your SA Paypal account. However, you can set up a new (Chinese) Paypal account (using a different email address), and link your Chinese bank acount to that ( I tried with CMB, but had issues,,,, ABC was easy!!)
You then (obviously) send from the Chinese to the SA account. In the past, I've been able to send many thousands of dollars (not RMB) in one go.
NB - thngs change so damn fast around here, that this might work one day, and not the next.. and with absolutely no explanation! (or even anyone being able to let you know! It took 3 branches, and lots of time and people, to find out CMB wouldn't let me connect to Paypal! Even their staff didn't know!)
I'm not Safrican but... Western Union is an option. You can send money to someone to collect it and bank it for you. You will need to transfer to RMB to US dollars first, then the dollars will be exchanged again in the transfer. There is also a limit to the daily amount you can send.
Another option, if you have a Chinese friend who can help you, go to the Bank of China and have your friend transfer the money to your account using their ID.
Katet:
Thanks Stiggs. Apropos your second suggestion, Bank of China. Could I not just do the same using my passport? Does it have to be a Chinese national sending the money abroad?
Stiggs:
You can use your passport, but I think there is a daily limit to the amount you can change and it's just generally harder to do as a foreigner.
I have gone into a bank with my girlfriend to help with the translating and the bank staff told us it's much easier just to use her I.D to do it.
EDIT; Also, depending on which branch you go to you might be asked to provide different pieces of paper each time you, and generally have to deal with confused staf who have no idea how to deal with a foreigner sending money home.
Open China Merchants Bank Gold account with Visa/Mc logo, and deposit funds directly to your Johannesbourg's account.
Have 1000 Rmb handy, passport with valid RP and FEC for opening a Gold account at CMB.
See thread 'laowai friendly bank' for more info on CMB Gold account.
P.S.
I am not sure about CMB'S latest policy for depositing monies out of China bank account, but I guess CMB is required to honour deposits out of state, because ATM card with Visa/Mc logo.
Ask for more info on deposits at CMB VIP area.
Anywhere in China I was, CMB had at least one English speaker, even in Henan.
icnif77:
You could also ask in CMB for two ATMs with Visa logo, if you have trusted person in your home.
Then, you hand ATM card to trusted person in SA, and she/he can withdraw funds out of your Gold account, either by purchases or cash out of SA ATM.
If you use CMB Visa card abroad, funds get deducted out of Gold account's Rmb holdings with 'spot exchange rate' applied (the lowest rate) without any fee.
There might be some fee, if you withdraw cash out of the 'abroad' ATM machine.
Katet:
This is excellent. I will journey to Beijing next weekend to find a CMB. Thanks Icnif77 :)
icnif77:
http://english.cmbchina.com/Personal/Electronic/Default.aspx?guid=8aee489b-ee43-4932-a7ce-d788e1b9c023
CMB locations around China:
http://map.cmbchina.com
I looked through translator and second character on the menu on L is 'Beijing'. Click 2nd character and you'll get Beijing's map with all CMB locations. You could bring laptop with you and show the map to the taxi driver.
北京分行 Beijing Branch 北京市西城区复兴门内大街156号北京国际金融大厦A座，邮编100031 International Financial Centre A, 156 Fuxingmen Nei Street, Beijing 100031
That's the biggest CMB in Bj.
CMB headquarters addresses in other Provinces:
http://english.cmbchina.com/CmbInfo/About/DetailInfo.aspx?guid=0c310cee-51b8-4de6-9ec4-96f8563e57dd
Katet:
Look at you being so helpful to this lame duck! Thanks man, I owe you one.
Shining_brow:
Be careful about Icnif... he's on the payroll of both SAFEA and CMB :p
is Yahoo-gle 
, thou!Icnif's option is good.
If you have a Chinese friend that you trust they can do it for you quite easily. There's a transaction fee of about 50-100 RMB. They just need their Chinese ID card.
Katet:
Brill. Thanks nzteacher. For the deposit via Chinese friend - I assume I will need my banks SWIFT code and account deets. Would that be all we need (and friend's ID)?
nzteacher80:
Yes. China Construction Bank is good. Swift code, account name, etc. Go there with money in hand rather than just your bank card. Easier that way.
Just to add to what the others have said - and a bit more!
The Chinese friend bit - foreigners are allowed to only send up to $500USD any one day, and there's also a yearly maximum (about $50K USD). Locals do not have this restriction. You would need to deposit the RMB into their account. Paperwork is filled out to a) exchange to USD, and b) to transfer that USD to your SA account. Fees apply (although, relatively inexpensive. I think only a flat rate, but maybe also a small %).
Western Unioni will be more expensive (%based with flat fee).
You should instead look to see if there's an SA bank opened up in BJ (if you're near there), and see if they have any special deals going.
As for Paypal (I haven't used mine in a few months, so...). You're correct about not being able to link your Chinese bank account to your SA Paypal account. However, you can set up a new (Chinese) Paypal account (using a different email address), and link your Chinese bank acount to that ( I tried with CMB, but had issues,,,, ABC was easy!!)
You then (obviously) send from the Chinese to the SA account. In the past, I've been able to send many thousands of dollars (not RMB) in one go.
NB - thngs change so damn fast around here, that this might work one day, and not the next.. and with absolutely no explanation! (or even anyone being able to let you know! It took 3 branches, and lots of time and people, to find out CMB wouldn't let me connect to Paypal! Even their staff didn't know!)
